USDCAD is trading between 1.3500 and 1.3400 for three trading day. The slight recovery in Canadian dollar after OPEC signals more production cuts over weekend.US and Canada reached an agreement on aluminium and steel tariff is also supporting Canadian dollar. Markets eye Canadian retail sales and FOMC meeting minutes for further direction.Crude oil prices has recovered more than 5% from low of $60.02 level. The loonie hits intraday low of 1.34161 and is currently trading around 1.34334.
On the lower side, near term support is around 1.3391 (55- day EMA) and any break below will drag the pair to next level till 1.3350/1.3300. Any break below 1.32750 confirms further bearishness.
The near term resistance is around 1.3460 and any break above will take the pair to next level till 1.3500/1.3520. Any break above 1.3520 will take the pair till 1.3580/1.3660.
It is good to sell on rallies around 1.3475-80 with SL around 1.3520 for the TP of 1.3300.
